NYT Op-Ed: Urging the CFPB to Do No Harm
In an op-ed in the New York Times’ “Room for Debate” series, professor Todd J. Zywicki offers two pieces of advice for the Consumer Financial Protection Bureau (CFPB): first, avoid imposing regulation that will create negative unintended consequences for consumers; and second, avoid implementing new regulations that provide a competitive advantage for one product over comparable products. Zywicki advises that “the bureau should avoid acting in a manner that harms consumers by pushing them to use one product rather than the other,” citing payday lending and bank overdraft protection as examples of comparable short-term credit products.
Advance America joins the call for the CFPB to work towards a fair and competitive financial services marketplace. Through similar regulation of comparable credit products offered by banks and nonbanks, consumers will be able to easily compare products and services and make informed financial decisions.
Click here to read the article.